Sunrise swings to profit in the fourth quarter
- February 26, 2010
Sunrise Senior Living reported a $10.4 million profit in the fourth quarter, compared with a $305.6 million loss during the prior year.
The company realized a $48.9 million gain from the sale of 21 communities. In addition, the company’s operating expenses dropped, and it recorded a $121.8 million impairment charge in its North American business segment during the fourth quarter of 2008.
Revenue of comparable communities decreased 1.6 percent to $517 million. Average unit occupancy of the communities was down to 86.5 percent, compared with 90 percent during the fourth quarter of 2008.
Currently, Sunrise operates 374 senior-living communities in the U.S., United Kingdom, Canada and Germany.
For the year, Sunrise reduced its loss to $133.5 million, compared with a loss of $444.1 million during the fourth quarter of 2008.